The crypto bear market shows no signs of stopping, and it already is: took his pound of flesh from more than a few emerging web3 and crypto projects, not counting the projects it killed altogether.
With no clear indication of a meaningful upturn on the horizon yet, web3 companies that have managed to get this far need to prioritize not only their survival, but also how to convince their communities and investors that they can will survive, especially if their projects struggle to stay afloat.
Maintaining the user base is critical to securing the expansion many web3 companies need to get through this bear market. Potential investors and new users should be able to see from the outside that the community is choosing to stay put or, better yet, increase their engagement.
Startups that can demonstrate strong metrics and a responsive consumer base have more chances of survival, of course, but that’s not where every startup is right now. For those who are struggling, excellent communication is non-negotiable. It makes little sense to declare that the sky is falling and your community is begging for investment, but an overly bright outlook won’t fool anyone, either.
Communicate not only to your community that you are doing this together, but also to the industry in general.
Here are some strategies for striking the balance:
Lead with the positive and broadcast your roadmap
It is imperative to convey that your startup understands the realities of the market and is not blind to the cold, hard truths. But part of understanding the market is knowing that recessions are not permanent. This is definitely not the end of crypto or web3. Adoption Trends stay promising until 2030.
The downturn already has some advantages compared to the previous crash in 2018 and 2019. NFTs have more appeal than they did then, and they survive. Luxury and legacy brands continue to explore their options therein and metaverse development has not stalled.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.